Asus has officially announced their budget-priced tablet, which has been unveiled as the MeMO Pad. The MeMO Pad is a 7-inch tablet and instead of landing as the once-rumored $99 Android tablet, will arrive priced from $149. The MeMO Pad is set to be available later this month, but lets get into those specs and see if this is even worthy of consideration.

The MeMO Pad will have a 7-inch (1024 x 600) display with a PPI of 170 and a 350-nit brightness. The tablet will be powered by a 1GHz VIA WM8950 processor with Mali-400 GPU, 1GB of RAM, Wi-Fi 802.11 b/g/n and a 1 megapixel front-facing camera with 720p HD video recording.

Other goodies will include a 4270 mAh battery, microSD card slot and options for either 8GB of 16GB of internal storage space. Those looking to make the purchase can expect to find Android 4.1 Jelly Bean and options for either Sugar White, Cherry Pink or Titanium Gray exterior colors. Asus is also pre-loading a few applications to include SuperNote Lite, ASUS WebStorage, ASUS WebStorage Online Office, ASUS Studio; BuddyBuzz, MyPainter and MyBitCast.

Touching back on the availability — Asus has said that the tablet will be available “starting this January in selected markets.” The one catch here, Asus didn’t specify which markets. And while the specs may not be on the same level as the Nexus 7, this could be an answer for those unable or unwilling to spend $200 or more on a tablet.